Abstract
It is to be expected that conflicts and disputes may be resolved more readily when disputing parties act rationally, but has some different meanings. Expected utility theory is the orthodox model, a model of rational actors. But there are other, more descriptive, models proposed by Simon as well as Kahneman and Tversky. Particularly, Kahneman and Tversky's prospect theory model has recently increased in prominence. This model and some others are reviewed briefly. Decision theories can be examined for relevance to international mediation. We discuss the relevance of prospect theory to mediation of international disputes with examples. Prospect theory may be more relevant to rationality in international relations.
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